What is the best method you have found for agents to switch when they have existing buyers and sellers without leaving too much money on the table with the old broker? And do you let your agents take care of it themselves?

Thanks,

First, with your new broker, make sure you negotiate a nice clean way for you to keep as much of your existing business when you move brokers.

Assuming you did not do that with your current broker (which I assume since your even asking!), you need to first try and time it so that the least amount of business is on the table.

Pick the slowest month of the year for you to make the change.

Try to see if you can get your broker to let you take any of your deals with you. Buyers are not going to be a problem, they will go with you. For new buyers, don't get the buyer/broker agreement till after you have changed brokers.

The big issue is going to be your listings. There is no question these are staying, unless your sellers really want to stick with you. I have had this happen, and in some cases, the broker will honor the sellers wishes - but not always. If not, negotiate some sort of referral fee with whoever you hand the listings off to at your old brokerage.

Do what you can to coordinate your dates so that you don't end up getting any new listings the day before you change offices.

R

Hi--should have identified myself. I am the broker and am trying to see if I can come up with some creative ideas that other brokers have used when dealing with transferring agents--

Thanks,

Just a thought. Once when I did this my old broker let me take my listings with me in exchange for my new broker paying a referral fee on those listings equal to what he would have earned via my old split.

I negotiated in my contract that I would be able to take any listings with me if I were to leave. All I had to pay was to any expenses associated with the property or a referral fee.

Ah... well thats very different!

I think you have heard some here. Maybe let them go and get a referral fee. Have the agent pay any expenses incurred on the listings to date.

This may seem a bit out there, but I would involve the sellers in this. Contact them and let them know what is happening. Reassure them that this will not negatively effect the marketing of their home. Ask them where they want their home listed.

We would all LOVE to think that our sellers would prefer to stay with us. I think many would be surprised by how many sellers would, if given the chance, choose to stay at a brokerage and get a new agent rather than have their listing moved to another firm.

R

"any expenses" meaning like what? Advertising?

How does the referral fee work..if I'm leaving and know he will keep most of thelistingsss. Does he pay the fee to me if he sells? Yes, right?

No you take the listing with you and your new broker pays the old broker a refferal fee equal to your old split. So that lets say you are on a 90-10 split. Your old broker will get a 10% reffeal fee. That way your old broker really does not loose so to speak except for you.

Maybe your clients Robert but not mine. I did that when I made my move years ago. All of my clients wanted to make the move to the new company. Had any of my clients wished to remain I would have had no problems letting them do so and would have asked for a referral fee from an agent with that company.

If you continue to touch your past clients at least once a month they will keep coming back unless they become an agent or an immediate family member becomes an agent.

That's what I did- just paid my old broker a 10% referral fee. That was just on properties that were currently under contract. I had written listing agreements to expire on the day I planned to leave my old company, and I didn't have any of my buyers under a buyer agency agreement until after I left my old company.